India¡¯s largest shoemaker Farida Group had already staked out the land ¡ª a 150-acre plot in southern Tamil Nadu ¡ª for a sprawling new export facility. Then came the blow from Washington: President Donald Trump announced he was doubling tariffs on Indian exports to 50%.
For Farida, which supplies brands like Cole Haan and Clarks and depends on the U.S. for about 60% of its business, the impact was immediate. New orders stopped. The 10 billion rupee ($114 million) project froze.
¡°With 25% tariffs, you can still work, you can give some discount, negotiate with the buyer and make some adjustments in your profits,¡± Rafeeque Ahmed, the company¡¯s chairman, said in an interview. ¡°At 50%, you don¡¯t have anything.¡±
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